by Sunday | Mar 19 | Accounting WAEC
A. It is a special account B. It is a list of balances in the books C. It reveals the financial position of a business D. It shows all the entries in the books of a business Correct Answer: Option B B. It is a list of balances in the books Explanation A trial balance...
by Sunday | Mar 19 | Accounting WAEC
A. Error of original entry B. Error of commission C. Error of transposition D. Error of omission Correct Answer: Option C C. Error of transposition Explanation A transposition error is a simple error of data entry that occurs when two digits that are either individual...
by Sunday | Mar 19 | Accounting WAEC
A. Trading account B. Profit and loss account C. Balance sheet D. Statement of cash flow Correct Answer: Option C Explanation A balance sheet is a financial statement that reports a company’s assets, liabilities and shareholders’ equity at a specific point...
by Sunday | Mar 19 | Accounting WAEC
A. Profit and loss account; credit asset disposal account B. Asset disposal account; credit profit and loss account C. Asset disposal account, credit asset account D. Profit and loss account; credit provision for depreciation account Correct Answer: Option C C. Asset...
by Sunday | Mar 19 | Accounting WAEC
A. Suppliers account B. Sales account C. Customers account D. Cash account Correct Answer: Option A A. Suppliers account Explanation The entry to write off a bad account affects only balance sheet accounts: a debit to Allowance for Doubtful Accounts and a credit to...
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
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